These banks will pay you cash to switch your account

There's plenty of choice when it comes to switching bank accounts - and some will offer you up to £175 for making the move. Here's how you can cash in on the best deals.

Which banks give bonuses for switching?

HSBC

HSBC's Advance account will pay you £175 to switch. However, the minimum pay-in to get the bonus is £1,750 per month, along with a requirement of at least two direct debits or standing orders.

You can get the lower amount of £75 for opening an ordinary HSBC bank account, and it doesn't have a minimum pay-in.

You can see the full terms and conditions on the HSBC website.

You can earn up to £175 for switching your bank account (Photo: Shutterstock)

NatWest

The NatWest Reward account pays out £175 to customers who open an account and request to switch over their old bank account by 2 April 2020.

To get the reward, however, you'll have to pay in £1,500 or more and log into the NatWest mobile banking app by 10 May 2020.

This account also gives you cashback of £3 for every month that you use the mobile app and pay out two direct debits of at least £2. The account has a monthly fee of £2, however.

For a fee-free account, you can get your £175 with NatWest's NatWest Select or RBS Select account. These accounts don't come with cashback, however.

For full terms and conditions, please see the NatWest website.